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Introduction |
Kids can be expensive, and college —
well, that's a big financial mountain to
climb. Fortunately there are plenty of
tax benefits for parents and students.
We offer a variety of resources here,
and plan to add more in the near future.
Kids and College is only a small
part of this web site. Please visit our
home
page for more help with taxes and investing. |
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Frequently Asked |
We sold stock at a loss in our son's UTMA account.
Can we claim the loss on our own tax return?
Unfortunately, the answer is no.
The assets in a custodial account belong to the minor,
and any income, gain or loss generated by the account
belong on the minor's tax return. There's a limited
exception for dividends and interest received by
children that are subject to the
kiddie tax, but it doesn't apply to capital gains
and losses.
More questions? Visit our
message board. |
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Detailed Guidance |
| We have
two topics we cover in a great deal of
detail:
Taxation of Minors
Our newest guide covers the infamous
kiddie tax, the election to report a
child's income on your return, and more.
Coverdell Accounts
Formerly known as the education IRA,
these accounts offer one of the best
ways to save for college.
Custodial Accounts for Minors
Also known as UTMA or UGMA accounts,
custodial accounts provide an easy way
to transfer cash or other assets to
minors.
Fairmark book store |
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Resources |
Savingforcollege.com
We don't like to send people away from
our web site, but if you need
information about 529 plans there's only
one place to go: Savingforcollege.com.
Tons of info and a great book, too.
Good read.
Kathy Kristof does a great job covering
all the ways you can pay college
expenses in her book,
Taming the Tuition Tiger (link to
info page at Amazon.com).
Forms and pubs.
Fairmark's Fast Form Finder makes it
easy to find and download the IRS forms
and publications you need. Click
here
for forms and pubs relating to children,
and here
for forms and pubs relating to
education. |
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